SECURITIES AND EXCHANGE COMMISSION
                    WASHINGTON, D. C. 20549

                           FORM 10-Q

        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
              THE SECURITIES EXCHANGE ACT OF 1934

         For the Fiscal Year Ended:  November 30, 2003
                 Commission File Number: 0-7568

                   TOTH ALUMINUM CORPORATION
     (Exact name of registrant as specified in its charter)

          LOUISIANA                          72-0646580
 (State or other jurisdiction of     (I.R.S. Employer Identification
 incorporation or organization)                 Number)

	`
   Highway 18,--River Road, P. O. Box 250, Vacherie, LA 70090
     (Address of principal executive offices)   (Zip code)

Registrant's telephone number, including area code:(225) 265-8181

  Securities registered pursuant to Section 12(b) of the Act:

                              NONE
                     (Title of each class)

  Securities registered pursuant to Section 12(g) of the Act:

                COMMON STOCK, WITHOUT PAR VALUE
                       (Title of class)

Indicate  by check mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or for such shorter periods that the registrant was required  to
file   reports),  and  (2)  has  been  subject  to  such   filing
requirements for the past 90 days: Yes  X    No

Indicate  the  number  of  shares  outstanding  of  each  of  the
registrant's   classes  of  common  stock,  as  of   the   latest
practicable date:

Common stock, without par value                 35,466,193
           Class                 Outstanding at November 30, 2003


<PAGE>
                    TOTH ALUMINUM CORPORATION


                       INDEX TO FORM 10-Q

            For the Quarter Ended November 30, 2003


                                                                 Page

Part I  Financial Information (Unaudited)

        Balance Sheets - November 30, 2003
        and August 31, 2003....................................

        Statements of Operations - Three Months
        Ended November 30, 2003 and 2002 ......................

        Statements of Cash Flows - Three Months
        Ended November 30, 2003 and 2002.......................

        Notes to Financial Statements..........................

        Management's Discussion and Analysis
        of the Financial Conditions and Results
        of Operations..........................................


Part II Other Information......................................





TOTH ALUMINUM CORPORATION (A DEVELOPMENT STAGE ENTERPRISE)
COMBINED BALANCE SHEETS  (Unaudited)

                                        November 30,  August 31,
                                            2003         2003
ASSETS

CURRENT ASSETS:
Cash ..............................        $ 660        $  570
Accounts receivable:
   Other...........................           0              0
Prepaid:
   Leases .........................           -              -
   Other...........................    _________     __________
Total current assets...............          660           570

INVESTMENTS IN AND
  ADVANCES TO:
   Armant Partnership..............           -             -
PROPERTY, PLANT AND
   EQUIPMENT - Net.................           -             -
PREPAID LEASES.....................           -             -

PATENTS AND PATENT
   RIGHTS (net of
    accumulated amortization:......       27,561        27,998

TOTAL..............................    $  28,221    $   28,568




                                        November 30,  August 31,
                                            2003        2003
LIABILITIES

CURRENT LIABILITIES:
  Notes payable-related parties....   $   23,100         23,100
  Notes  payable-bank..............           -              -
  Notes  payable-other ............      300,000        300,000
  Accounts payable:
    Trade..........................    1,156,392      1,109,555
    Officers and employees.........    1,097,421      1,062,427
    Accrued  salaries .............    3,700,247      3,517,660
    Accrued expenses ..............      963,550        935,140
    Accrued  interest payable......    6,761,465      6,206,906
  Total  current liabilities.......   14,004,175     13,154,788


DEFERRED CREDIT ...................           0              0

Series "A-1" Convertible
 Promissory Note1 (CPN)
 CPN Related Parties
      Principal....................    12,080,096    12,080,096
      Accrued interest payable.....    10,614,179    10,251,777
 CPN Other Parties
      Principal....................    5,978,421      5,978,421
      Accrued interest payable.....    9,001,172      8,821,820
      Total  Series "A-1" Notes....   37,673,868     37,132,114

CONVERTIBLE DEBENTURES PAYABLE
   (net of discounts, commissions,
     and offering costs of:........       20,437         20,437


STOCKHOLDERS' EQUITY:
Common stock - no par value........   38,258,096    38,258,096
Common stock warrants..............
Common stock subscribed............       20,000        20,000
Paid in capital....................      164,774       164,774
Deficit  accumulated
 during the development stage......  (90,113,129)  (88,721,641)

Total  stockholders' equity........  (51,670,259)  (50,278,771)


TOTAL...............................    $ 28,221     $  28,568




TOTH ALUMINUM CORPORATION  (A DEVELOPMENT STAGE ENTERPRISE)

STATEMENTS  OF  OPERATIONS  AND DEFICIT  ACCUMULATED  DURING  THE
DEVELOPMENT  STAGE  FOR  THE  QUARTER  ENDED  NOVEMBER  30,  2003
(Unaudited)

                                           Three Months Ended   From Inception
                                              November 30       To November 30,
                                              2003       2002         2003
COSTS AND EXPENSES:
   Research and Development...........      $ 1,100     $   960     7,788,960
   Promotional,  general and
      administrative..................      294,828     339,021    20,671,786
    Interest..........................    1,096,313     667,221    31,128,667
    Total.............................  $ 1,392,241  $1,007,202    59,589,413

OTHER (INCOME) EXPENSE:

   Loss in Investment and Advances
      To Armant........................                            17,661,102
       Equity in loss of Armant........                            12,862,614

NET LOSS............ .................. $ 1,392,241  $ 1,007,202   90,113,129


LOSS PER
   COMMON SHARE.......................      $  .03      $  .03





TOTH ALUMINUM CORPORATION (A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF CASH FLOW
                                          Three Months Ended   From Inception
                                              November 30,     To November 30,
                                            2003       2002           2003

OPERATING ACTIVITIES
NET  LOSS..........................    $(1,392,241) $(1,007,202) ($ 90,113,129)

ADJUSTMENTS TO RECONCILE
  NET INCOME TO NET CASH
  PROVIDED BY OPERATING
  ACTIVITIES:

 Depreciation and
   amortization....................            -                     1,214,879
  Amortization and write
   off of patents..................          437         432           443,297
  Amortization of prepaid leases...            -           -           302,424
  Amortization of financing Cost...                                     95,000
 Loss on divesture of Subsidiaries.                                    912,586
 Loss from joint venture...........                                 11,130,435
 Other.............................                                    111,616
 Proceeds from royalty
   Prepayments.....................                                    172,760
 Prepayment of Leases..............                                    (16,104)
 Disposition of property,
   Plant, and equipment............                                     27,745

CHANGES IN OPERATING ASSETS
  AND LIABILITIES:

  Increases in accounts
    receivable.....................                                    (10,787)
  Decrease (Increase) in
    Prepaid expenses...............                                    (27,371)
  Increase in accounts payable
    and accrued expenses...........      541,754     339,021        19,523,388
  Increase (decrease) in notes
    notes payable..................      850,140     667,221        35,657,674
                                              90         (80)    ($ 20,575,587)



TOTH ALUMINUM CORPORATION (A DEVELOPMENT STAGE ENTERPRISE)
STATEMENT OF CASH FLOWS
                                         Three Months Ended     From Inception
                                            November 30,        To November 30,
                                       2003           2002           2003

INVESTING ACTIVITIES:
  Purchase of property, plant
    and equipment................              -           -      ($ 1,159,046)
  Acquisition of patents.........                                     (443,475)
  Investment of Certificates
    of Deposit...................                                   (3,995,000)
  Cash investment in and
    Advances to TACMA............                                   (1,076,595)
  Write off of Investments
    And Cash Advances to Armant..                                   17,138,202
  Cash investments in and
    advances to Armant...........                                  (20,751,082)
  Redemption of Certificates
    of Deposit...................                                    3,995,000
  Proceeds from sale of net
  Profit interest................                                       50,000
                                                                   ($6,241,996)

FINANCING ACTIVITIES:

  Stock issued or subscribed
    For cash....................                                    18,481,076
  Preferred stock issued
    For cash....................                                       266,400
  Proceeds from long term
    Obligations.................                                     1,430,349
  Proceeds from warrants
    Issued for cash.............                                     6,236,507
  Common stock issuance
    cost........................                                      (166,550)
  Issuance of convertible
    Debentures..................                                     1,913,963
  Cash received upon
    Conversion of debentures
    To common stock.............                                       112,999
  Payment of long term
    Obligations.................                                    (1,457,071)
                                               -           -        26,817,673

INCREASE (DECREASE) IN CASH                  90         (80)                90
CASH BEGINNING OF PERIOD                    570          430
CASH END OF PERIOD                          660          350               660


TOTH ALUMINUM CORPORATION  (A DEVELOPMENT STAGE ENTERPRISE)
NOTES TO FINANCIAL STATEMENTS

1.    In  the  opinion of management, the accompanying  condensed
financial statements contain all adjustments (consisting only  of
normal  recurring  adjustments) necessary to present  fairly  the
financial position of Toth Aluminum Corporation (the Company)  as
of  November  30,  2003, and the results of  its  operations  and
changes in financial position for the three months then ended.

     The  accounting  policies followed by the  Company  are  set
forth in Note 1 to the Company's financial statements in Form 10-
K, dated August 31, 2003.

  2.         The accompanying financial statements of the Company
have  been  prepared on a going concern basis, which contemplates
the realization of assets and the satisfaction of liabilities  in
the  normal  course of business.  The Company  has  incurred  net
losses  from  its inception in August 1966 through  November  30,
2003,  and  August  31,  2003,  of $90,113,129  and  $88,721,641,
respectively.

     The  Company's  continuation in existence is dependent  upon
its  ability  to  generate  sufficient  cash  flow  to  meet  its
continuing  obligations on a timely basis, to fund the  operating
and  capital  needs,  obtain  additional  financing  as  may   be
required, and ultimately to attain successful operations.  Should
the Company be unable to obtain a joint venture partner(s) it may
experience  significant difficulty raising funds. These  factors,
among  others, may indicate that the Company will  be  unable  to
continue  in existence.  The financial statements do not  include
any adjustments relating to the recoverability and classification
of  recorded  asset  amounts or the amount and classification  of
liabilities that might be necessary should the Company be  unable
to continue in existence.

3.   The  Company  is  general partner in a  limited  partnership
(Armant)  formed  in  1982  to  construct  and  operate  a  metal
chlorides plant in Vacherie, Louisiana. The plant, which  through
August 31, 1989, has cost approximately $23 million to construct,
has been built on land (the Armant site) owned by Empresas Lince,
S.A.,  (ELSA),  a  Central American corporation controlled  by  a
former member of the Company's Board of Directors.

     Costs  Capitalized and deferred by Armant consisted  of  the
following:



                                        November 30    August 31
                                            2003          2003
Direct carbo-chlorination plant costs:
    Process equipment.................  $         0      $ 540,000
    Other equipment...................            0              0
    Leasehold improvements............
                                                  0        540,000
Self-construction and start-up costs:
    Salaries
    Engineering.......................           -             -
    Plant construction
       and operations.................            0              0
    Indirect labor and overhead.......           -             -
                                                  0              0

                                        $         0    $   540,000


Presented  below is summarized financial information  of  Armant.


                                             November 30,   August 31,
                                                2003           2003

Assets:
    Plant and equipment.................   $         0      $   540,000
    Other...............................             -
    Total...............................   $         0      $   540,000


Liabilities and Equity
    Notes payable - Toth Aluminum
        Corporation.....................   $  3,240,000    $ 3,240,000
    Notes  payable  - Banks.............              0              0
    Payables - Toth Aluminum
        Corporation.....................     17,420,000     17,420,000
    Other   payables....................        890,000        890,000

    Equity - Toth Aluminum
        Corporation.....................    (21,537,000)   (20,997,000)
        - Others........................        (13,000)       (13,000)
                                            (21,550,000)   (21,000,000)

        Total...........................    $        0     $   540,000






                                               Three Months Ended
                                                   November 30,
                                              2003           2002
Statement of Plant Expenses
    Direct plant costs.................   $      -        $     -
    General and administrative costs...       6,000            500
    Interest Expense...................       8,000         14,000
    Net Loss...........................   $  14,000       $ 14,500




                                           November 30,    August 31,
                                              2003           2003

Payable to and Equity of Toth Aluminum
 Corporation:

    Notes payable......................$ 20,013,000    $ 20,013,000
    Payables...........................   4,689,000       4,689,000
    Beginning equity
      of the Company...................  (5,560,000)     (5,560,000)
    Less:Loss from Armant.............. (10,989,000)    (10,989,000)
    Capitalized by Armant, but
      not accrued by the Company.......  (5,620,000)     (5,620,000)
    Expensed by Armant but
      not accrued by the Company.......  (2,533,000)     (2,533,000)
    Investment in and advances to
    Armant............................. $         0     $         0


4.  NOTES PAYABLE

    Notes payable consisted of the following:
                                           November 30,     August 31,
                                              2003            2003
    Notes payable to bank,
      collateralized (A):...............            -              -

    Demand notes payable to related
      parties, unsecured (A):  At 12%...      323,100         323,100

    Demand notes payable to
       other parties,
       unsecured (A): At 12%............            -               -

    Series "A-1" Convertible
    Promissory Notes
       Payable to related parties.......   12,080,096      12,080,096
       Payable to others................    5,978,421       5,978,421
       Interest Payable.................   19,615,352      19,073,597

Total................................... $ 37,673,869    $ 37,455,214

    A)  Collateralized by a pledge of personal  assets  owned  by
the Company's Chairman of the Board.

5.      The  financial statements are summarized and reference is
made  to the  "NOTES  TO  FINANCIAL  STATEMENTS"  included in the
Company's Annual Report on Form  10-K for the   fiscal year ended
August 31, 2003,  as  filed  with  the  Securities  and  Exchange
Commission.


Management's  Discussion and Analysis of Financial Condition  and
Results of Operations.

Liquidity and Capital Resources.

    During  the  quarter  ended  November 30,  2003,  total  assets
decreased from $28,568 to $28,221.The primary asset of the  Company
is its proprietary technology, commonly referred  to as the TAC-ACS
process, the  Clay-to-Aluminum  Process.   TAC  has  developed  its
proprietary  clay chlorination and purification technology, the TAC
Process, from laboratory, through bench scale, to large scale pilot
plant and is now poised to commercialize its breakthrough, low cost
continuous manufacturing  process. Several prestigious  engineering
companies have  evaluated  the  technology, and  have  declared  it
ready for commercialization.

    TAC  intends  to  combine the  TAC Process with other  aluminum
chloride  smelting,  ACS,  technology,  creating  a new  integrated
TAC-ACS Process,  the  Clay-to-Aluminum   Process,  to  manufacture
primary  aluminum  and  titanium  tetrachloride  from clays.    TAC
protects part of the technology as Trade Secrets under Intellectual
Property Law.  TAC has patented parts of the technology and applied
for  a  patent  of  the continuous  process and  other parts of the
Clay-to-Aluminum Process.  Effectively, TAC has  collected, created
and maintains unique control over the  information that will enable
them  to  commercialize and  exploit  the Clay-to-Aluminum  Process
Technology more efficiently than any other party.

Total  Liabilities,  including    the  Series  "A-1"  Convertible
Promissory Note, increased from $37,132,114 to $37,673,863 during
the  same period.



Working Capital Meeting Operating Needs and Commitments

    From  inception,  the  Company has sustained  its  operations
primarily through funds provided by private placements and public
offerings  of  its  common  stock.  Due  to  the  length  of  its
development  stage  activities,  liquidity  has  always  been   a
continuing concern.  The Company has incurred net losses from its
inception  in  1966 through November 30, 2003,  of  approximately
$90,113,129. These factors, among others, may indicate  that  the
Company  will be unable to continue in existence.  The  financial
statements  do  not  include  any  adjustments  relating  to  the
recoverability  and classification of recorded asset  amounts  or
the  amount  and  classification of  liabilities  that  might  be
necessary  should the Company be unable to continue in existence.
The  Company's  continuation in existence is dependent  upon  its
ability  to  generate sufficient cash flow to meet its continuing
obligations on a timely basis, to obtain additional financing  as
may  be required, and ultimately to attain successful operations.
Management  believes that the plants constructed  by  Armant  and
TACMA  demonstrate  that the production of  metal  chlorides  and
aluminum  intermediates through the Company's patented  processes
is possible.

     TAC is committed to provide the highest-grade technology  to
empower the world's lowest cost, most energy efficient production
of  primary  aluminum  metal  and  titanium  tetrachloride,   and
associated  by-products,  and to  generate robust returns for its
investors.   Today,  the world  consumes approximately 20 million
short tons of  primary  aluminum annually, with demand growing at
approximately  3%  to  5%  per year,  creating a need for 600,000
additional tons of  primary  aluminum, every year.  TAC's initial
goal is to capture the growth market  with aluminum produced from
clay via its new  chloride  processing technology. In the future,
as existing   Bayer-Hall  aluminum   plants   eventually   become
uncompetitive,  TAC foresees  that they will be replaced with new
Clay-to-Aluminum facilities.

    TAC intends to be  the catalyst for this evolutionary  change
in the aluminum industry.

    TAC's   plans  include  not  only the provision of processing
technology, but also the development and supply of operating know
how, engineering  designs and construction expertise, in order to
accomplish this vision.

    TAC is totally committed to producing the highest quality  of
primary  aluminum  metal  and  associated  chemical  products, at
lowest  cost  through  conservation  of  energy  and  the  use of
abundant  low  cost  raw  materials.   TAC intends that its Clay-
to-Aluminum  processing  will  become  the  recognized technology
for manufacturing primary aluminum.

    TAC's  future   plans  call for expanding its technology into
other  fields,  including   recovery  of  metals  from wastes and
extraction of other metals from their ores.

    TAC had endeavored to commercialize its technology since 1987
but despite  the  apparent  advantages  of clay based processing;
the technology has  yet  to  be  commercially implemented.  There
are several reasons for TAC's lack  of   success   in  attracting
development Participants, but two hurdles are clearly evident.

    Firstly,  TAC  is  not  a  major  player  in aluminum and its
financial condition does  not promote confidence in its perceived
ability  to  see  the Project through to a successful conclusion.
Secondly,  in   its  past   commercialization  efforts,  TAC  had
insisted  on  maintaining  total  ownership  of  the  technology,
which was  not acceptable  to  some  prospective participants.  A
third reason is that Clay-to-Aluminum technology does not enhance
today's bauxite and alumina  based aluminum processes-it replaces
them instead.   Successful   commercialization  of  the  Clay-to-
Aluminum  process  would mean that industry's hugh investments in
existing Bayer and Hall-Heroult  plants would  eventually be made
obsolete, and the value of industry's installed  capital  assets,
and  the  value of its  bauxite  reserves  would  be  drastically
reduced.   A  fourth  hurdle  results  from   Alcoa's decision to
abandon its own chloride based  ASP  process.     TAC's  approach
to   potential  project  Participants   has  invariably  elicited
responses  similar  to  the following: "Alcoa  expensed  enormous
resources  on  their  aluminum  chloride  smelting  process,  and
yet  they  abandoned  it.   If the largest  aluminum  company  in
the world, Alcoa, will not support the technology, why should I?"

    While  this is  a logical response, Alcoa's approach was very
different  from TAC's, and our approach has some very significant
cost  and  environmental  advantages  over Alcoa's, which make us
confident   of   success.     There  are   fundamental  technical
differences  between  TAC's  Clay-to-Aluminum process and Alcoa's
ASP  technology.   There  were  also  marked  differences between
Alcoa's  and   TAC's   research   and  development  philosophies,
especially  in  regard to the crucial question of purification of
aluminum  chloride.   Several  of  the  technical  problems  that
contributed  to  Alcoa's  cost  escalations do not occur in TAC's
processes.

     The  Company's intention in the near-term is  to  focus  its
efforts  and  resources on completing a project to  commercialize
the Clay-to-Aluminum Process be undertaken in multiple steps.

     In  August  1995,  Fluor  Daniel Inc. undertook a feasibility
study of a project to construct a commercial Metal Chlorides Plant
to  manufacture aluminum chloride, silicon tetrachloride, titanium
tetrachloride  and  other  products  from clay using the company's
proprietary   carbo-chlorination   technology.     Fluor  Daniel's
assessment was highly favorable, but the Company has not succeeded
in raising the funding needed to complete the project.

     In March 1998,  the  Company negotiated with and entered into
an  Engagement  Agreement  with  a  Denver,  CO   based  financial
brokerage  firm,  Mercantile Resource Finance, Inc. (MRFI) for the
sole  purpose  of  accelerating the efforts to fully commercialize
the TAC Process. Through the end of the fiscal year, some interest
had been shown by  prospective  investors, but nothing significant
and  as of this  writing,  nothing  material  or consequential has
materialized.

     In  the  first step, which TAC has designated as Phase 1,TAC
proposes that a semi-commercial demonstration plant be built  and
operated.   Operation of this semi-commercial plant  will  permit
engineers  to  fine  tune  the  design  of  the  subsequent  full
commercial facility in Phase 2.  Equally important, the  Phase  1
plant  will  provide a hands-on training facility for  commercial
plant staff.  Phase 2 of the project will comprise the design and
construction  of a full scale commercial Clay-to-Aluminum  plant.
Cost  of  Phase 1 is estimated to be $45 million and the cost  of
phase 2 will be determined after Phase 1 has been completed.

     There will be two principal goals in executing Phase 1.  The
first  goal  is to refine TAC's clay chlorination procedures  for
implementation  in  commercial production  facilities.   TAC  has
already  developed these procedures to an advanced stage  in  its
pilot  plant,  but  the design of that pilot plant did not permit
long duration continous operation runs. Refinement  of procedures
will  permit  confident  scale-up  to full scale commercial plant
capacity.

     The  second  goal will be generation of refined designs  for
full  scale commercial smelting cells.  This will be accomplished
by  constructing and  operating a complete ACS smelting  facility
which will consume a portion of the aluminum chloride produced in
clay chlorination.  The balance of production will be marketed as
high  purity anhydrous aluminum chloride to generate revenues  to
help  defray plant operating costs.  Smelting specialists foresee
rapid development of a final design for commercial cells in Phase
1, and anticipate that this will consume nine to twelve months of
development time.

     The  project  will  start as soon as  TAC  has  secured  the
financing   for   Phase 1.   Initial  tasks   includes   detailed
engineering  design of clay chlorination and smelting facilities,
and  the  selection of a suitable plant site.  Construction  will
begin with site preparation, approximately nine months after  the
project start. After an initial ramp-up period, the Phase 1 plant
is  expected to reach full design capacity within 36 months after
project start.

     After confirmation of the economic viability of the Clay-to-
Aluminum  Process,  work will begin on the second  phase  of  the
project,  namely  the design, construction  and  operation  of  a
commercial Clay-to-Aluminum plant.  TAC proposes that  a  modular
design  concept  be adopted for Phase 2, such that  the  eventual
full  scale  commercial plant will consist of a set of  duplicate
plant  modules,  operating in parallel.  TAC estimates  that  the
first  plant  module  will be completed  in  year  seven  of  the
project,  with  additional  modules constructed  in  parallel  in
subsequent years.



Results of Operations

    TAC's  Clay  Chlorination  Pilot Plant, at the Armant site in
Vacherie,  was  completed  in  1983  and  was  operated  in block
(continuous  chlorination  and   condensation  to  produce  crude
aluminum  chloride,  followed  by  continuous  operation  of  the
purification system)  mode through 1988.  Approximately 150 pilot
plant  runs  were  made, and tonnage lots of high purity aluminum
chloride  and  commercial   grade   silicon   tetrachloride  were
successfully  marketed.   TAC made several major breakthroughs in
systems  operation,  and  the  plant  sections  finally  achieved
smooth,  controlled  operation in 1987.  In l988, the Pilot Plant
was  shut  down  and  TAC planned to undertake the next stages of
its   process   commercialization   program   (higher   capacity,
continuous   mode   clay   chlorination,  and  aluminum  chloride
electrolysis)  in  expanded facilities to be acquired from Alcoa.
The  planned  transaction  with Alcoa was not completed, however,
and no furthers Pilot Plant operations have occurred since then.

    TAC  also  undertook   construction  of   an  aluminum  dross
chlorination  plant  in  New  Delhi,  India,  in partnership with
TACMA  and  a  local  secondary  aluminum  producer.   The  plant
succeeded  in demonstrating dross chlorination and the production
of crude aluminum chloride from secondary aluminum dross, but the
crude product was never purified. Due to a lack of local investor
financing,  the  purification  system  and  other sections of the
plant were never completed, and TAC withdrew from the project.

    The  Company  had  no  operating  revenues and  reported  net
losses.   The  Company  is  considered  to be a development stage
enterprise;  start-up activities have commenced,  but the Company
has received no  revenue  therefrom.  The  net loss for the three
months  ended  November  30, 2003, was  $ 1,392,241  compared  to
$1,007,202 for the corresponding period in 2002.

    The net  loss  recognized  by  Armant during the three months
ended November 30, 1987, resulted primarily from expensing start-
up costs.   The  net  loss  recognized  by Armant during the year
ended  August 31, 1987,  was  first  allocated  to  the partners'
equity accounts based upon their respective percentage  interests
in the total  partnership  equity.   To the extent that this loss
exceeded  the  total partners' equity, all additional losses were
allocated  to  the  Company's equity interest in the partnership,
since  the  Company is the  sole  general  partner in the limited
partnership  and  is  at  risk  for  these  losses in the form of
advances to Armant.


PART II.  Other Information

Item 1.  Legal Proceedings

    See  Item  10 of the Company's Form 10-K for the  year  ended
    August 31, 2003, concerning legal proceedings.



                           SIGNATURE

    Pursuant  to the requirements of the Securities Exchange  Act
of  1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.



TOTH ALUMINUM CORPORATION
(Registrant)



BY:  Charles E. Toth Jr.
     Charles E. Toth Jr.
     Treasurer                         Date: January 15, 2004




BY:  Charles Toth
     Charles Toth
     Chairman of the
     Board of Directors                Date: January 15, 2004
     and Chief Executive Officer